Now, another new development is underway from Oceanic-Creations, a Swedish based company, which has unveiled plans to build floating commercial and residential buildings around the world with the help of a new composite material.

The company’s first project is of this floating pyramid named the “Maya Hotel” is estimated to cost around US$209 million and will be located south of Cancun, Mexico, on the Caribbean Sea.

The floating buildings will feature built-in insulation that makes the constructions suitable for all types of climate, from the freezing cold to extreme heat.

The company also plans to build floating offices, factories, casinos, student dorms & hotels in future. The Maya hotel is expected to open by 2010.